President Obama
#31
11-08-2008, 03:41 PM
Man, there's absolutely no shortage of people who don't know anything about taxes spouting how little they know.
Taxes are only assessed on profits, that means that any expenses for running the business, employee wages, insurance, rent, R and D, stock, vehicles and related expenses, electricity, etc, etc. aren't taxed. Absolutely everything that is necessary to running your business is not taxed. All the expenses are deducted from the gross to come up with taxable income. So any claim of having to lay off employees or raising your rates is pure BS. And a tax increase is only on your taxable income above whatever tax bracket. For instance if taxes are raised on taxable income over $250k, then the first $250k won't see a tax increase at all. So if I made $300k taxable a year, then I would only owe increased taxes on $50k of it. Once your taxable income goes over $250K, the entire amount becomes taxable at the higher rate. Now, try to operate a business where you have to maintain a couple of million as a "BACK-UP" fund. Some of the electric motors in the big paper mills have $400,000 in copper alone. Not counting insulation and labor. Then, the iron too. Replace one with a back-up fund below $250K. Now, how many jobs will that cost?
#32
11-09-2008, 12:37 AM
Obama's tax increase will affect all of us. To start with he and his socialist party (democrats) will not renew the tax cuts initiated by Bush. That is a tax increase on everyone. He keeps lowering the income amount that will see a tax increase. The latest that I heard was $120,000. It started at $250,000, then $200,000 and lastly it was $120,000. In reality, any tax imposed on business will result in higher prices on products we buy. That is a tax increase on all of us. For some they may lay off workers to defer some of the increase. At this point we don't know how much of an increase he and the socialists will impose on us. Some businesses who plan on expanding and perhaps adding more workers may rethink their decision since they will have fewer dollars to invest on expansion. Grocery stores will pay more taxes. To offset those increases they will need to raise prices on their products. When you purchase tires you will pay more from your tire store since the manufacturer will be paying more taxes. The manufacturer will pay higher taxes so he will charge more to the retailer. The retailer may also pay more in taxes plus he will pay more for his tires. That means that you will pay more for your tires. Virtually everything we purchase will cost more due to the socialists tax increase. You can call it trickle down economics. Whether we all get a tax increase directly doesn't mean that we won't be paying higher taxes. When you think that it is a good idea for those who earn more income to pay more taxes you need to understand that it is the consumer who will be paying the tax. Obama cannot increase government expenditures without raising taxes. When he talks about free health care or insurance he is talking about raising taxes. Any free program from the government requires funding. That funding must come from taxes. Welcome to the new Socialist Republic of Amerika.
#33
11-09-2008, 03:09 AM
Since I choose NOT to vote for either one......did anyone think McCain would be any better?:whistle:
__________________
  When a white army battles Indians and wins, itis called a great victory, but if they lose itis called a massacre.Chiksika, Shawnee
#34
11-09-2008, 08:26 AM
http://www.businesspundit.com/small-...nal-tax-rates/ Last edited by trux; 11-09-2008 at 08:42 AM. |
